TMI Blog1999 (8) TMI 242X X X X Extracts X X X X X X X X Extracts X X X X ..... ease of the seized gold. He applied for its release on 8-11-1990 and the Commissioner ordered it on 7-9-1992 subject to certain conditions. 2. It appears that no following action was taken by petitioners in the matter till they again applied to Asstt. Commissioner on 9-6-1993 for the release of the gold and for its handover to Bank Branch Manager on the plea that they wanted to subscribe it for gold-bonds under the Gold Bonds Scheme. The gold was consequently ordered to be released and a Panchnama executed on 14-6-1993 which was signed by petitioner No. 2 also. But before petitioners could take it home, it was seized by the Customs Authorities pursuant whereto respondent No. 1 issued the show cause notice to petitioners asking them why it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remained to be seen was whether the Bank was duty bound under the Ordinance and the Scheme to convert the disputed gold into bonds and to issue these to petitioners. 6. Section 4 of the Ordinance reads, thus : Sec. 4. Immunities. (1) Notwithstanding anything contained in the Wealth Tax Act, 1957 (27 of 1957), the Gift-tax Act, 1958 (18 of 1958), the Income Tax Act, 1961 (43 of 1961), the Customs Act, 1962 (52 of 1962), the Foreign Exchange Regulation Act, 1973 (46 of l973) and the Foreign Contribution (Regulation) Act, l976 (49 of 1976), (a) no subscriber shall be required to disclose, for any purpose whatsoever, the nature and source of acquisition of the gold subscribed for the Gold Bonds, including the source of money with wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot be said since the gold was lying in the Bank, it should be deemed belonging to and in custody of petitioners and therefore, was not required to be tendered when petitioners applied for conversion on 14-6-1993. 9. It sounds wholly fictional and farfetched and in fact petitioners claim appears contradiction in terms. If they believe that disputed gold, be treated in their custody on the strength of Commissioners order dated 7-9-1992 why did they not take benefit of this order and why did they apply to Asstt. Commissioner for release after one year and signed on the Panchnama. All this shows that the gold remained in the custody of Income Tax Authorities till 14-6-1993 and was not available for being tendered by petitioners for conver ..... X X X X Extracts X X X X X X X X Extracts X X X X
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